NPORT-EX 2 2372DriehausSmCapGrthFd.htm HTML

 

Driehaus Emerging Markets Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

EQUITY SECURITIES — 92.5%

                  

FAR EAST — 69.1%

      

China — 39.2%

      

AIA Group, Ltd.

      2,255,775      $      20,199,655  

Alibaba Group Holding, Ltd. — SP ADR**

     462,727        89,991,147  

Alibaba Health Information Technology, Ltd.**

     4,957,784        8,147,214  

China International Capital Corp., Ltd. — H1

     4,656,322        7,452,388  

China Merchants Bank Co., Ltd. — H

      2,821,953        12,624,774  

China Resources Cement Holdings, Ltd.

      16,690,461        19,608,387  

Contemporary Amperex Technology Co., Ltd. — A

      665,355        11,220,088  

Country Garden Services Holdings Co., Ltd.

      4,852,757        19,526,486  

Foshan Haitian Flavouring & Food Co., Ltd. — A

      558,157        9,799,415  

Galaxy Entertainment Group, Ltd.

      2,630,559        13,854,682  

GDS Holdings, Ltd. — ADR**

     109,367        6,340,005  

GSX Techedu, Inc. — ADR**

     348,901        14,779,446  

JD.com, Inc. — ADR**

     619,016        25,070,148  

Jiangsu Hengrui Medicine Co., Ltd. — A

      1,592,748        20,445,060  

Kweichow Moutai Co., Ltd. — A

      70,715        10,989,643  

Meituan Dianping — B**

     658,527        7,850,463  

MTR Corp., Ltd.

      2,835,871        14,586,699  

NetEase, Inc. — ADR

      58,992        18,934,073  

New Oriental Education & Technology Group, Inc. — SP ADR**

     49,739        5,383,749  

Ping An Healthcare and Technology Co., Ltd.1**

     1,584,122        14,586,373  

Ping An Insurance Group Co. of China, Ltd. — H

      3,412,223        33,324,661  

Shenzhou International Group Holdings, Ltd.

      713,957        7,489,456  

Silergy Corp.

      215,006        6,973,871  

Techtronic Industries Co., Ltd.

      1,510,557        9,591,896  

Tencent Holdings, Ltd.

      2,161,225        106,824,194  

Wuliangye Yibin Co., Ltd. — A

      506,822        8,152,727  

Wuxi Biologics Cayman, Inc.1**

     1,272,278        16,242,956  

Yonyou Network Technology Co., Ltd. — A

      2,225,536        12,535,922  

Zhangzhou Pientzehuang Pharmaceutical Co.
Ltd. — A

      646,181        11,227,472  
      Number
of
Shares		      Value
(Note A)		  

ZTO Express Cayman, Inc. — ADR

      250,227      $        6,626,011  
     

 

 

  
        570,379,061  
     

 

 

  

India — 8.9%

      

Asian Paints, Ltd.

      296,621        6,533,866  

HDFC Bank, Ltd. — ADR

      603,871        23,224,879  

Hindustan Unilever, Ltd.

      552,008        16,740,748  

Housing Development Finance Corp., Ltd.

      398,756        8,606,888  

ICICI Bank, Ltd. — SP ADR

      3,182,128        27,048,088  

Indraprastha Gas, Ltd.

      740,660        3,811,728  

Kotak Mahindra Bank, Ltd.

      388,514        6,631,474  

Nestle India, Ltd.

      102,772        22,220,859  

Reliance Industries, Ltd.

      992,635        14,474,833  
     

 

 

  
        129,293,363  
     

 

 

  

Taiwan — 7.9%

      

Accton Technology Corp.

      1,368,165        7,320,489  

Airtac International Group

      692,698        10,214,032  

Giant Manufacturing Co., Ltd.

      1,276,649        5,640,173  

MediaTek, Inc.

      545,817        5,858,378  

Parade Technologies, Ltd.

      382,995        8,094,877  

Taiwan Semiconductor Manufacturing Co., Ltd. — SP ADR

      1,642,082        78,475,099  
     

 

 

  
        115,603,048  
     

 

 

  

South Korea — 6.6%

      

Kakao Corp.

      59,676        7,548,009  

Macquarie Korea Infrastructure Fund

      1,374,235        12,204,208  

NCSoft Corp.

      15,135        8,077,622  

Samsung Electronics Co., Ltd.

      1,248,451        48,541,671  

SK Hynix, Inc.

      296,503        20,044,804  
     

 

 

  
        96,416,314  
     

 

 

  

Singapore — 2.2%

      

Sea, Ltd. — ADR**

     243,678        10,797,372  

Singapore Exchange, Ltd.

      1,879,243        12,103,176  

Singapore Technologies Engineering, Ltd.

      3,882,483        8,494,201  
     

 

 

  
        31,394,749  
     

 

 

  

Indonesia — 1.6%

      

PT Bank Central Asia Tbk

      10,205,691        17,195,765  

PT Bank Rakyat Indonesia Persero Tbk

      29,982,197        5,498,891  
     

 

 

  
        22,694,656  
     

 

 

  

Japan — 0.9%

      

Keyence Corp.

      43,091        13,854,298  

Malaysia — 0.7%

      

Dialog Group BHD

      13,680,493        9,611,728  

Philippines — 0.6%

      

BDO Unibank, Inc.

      4,254,138        8,599,677  

Thailand — 0.5%

      

CP ALL PCL — NVDR

      3,882,708        7,177,546  
     

 

 

  

Total FAR EAST

         1,005,024,440  
     

 

 

  

EUROPE — 9.6%

      

Russia — 4.4%

      

Lukoil PJSC — SP ADR

      457,690        26,972,453  
 

 

Driehaus Emerging Markets Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

MMC Norilsk Nickel PJSC — ADR

      553,948      $      13,438,778  

Novatek PJSC — SP GDR

      81,918        9,288,936  

Yandex NV — A**

     408,422        13,906,769  
     

 

 

  
        63,606,936  
     

 

 

  

Poland — 1.4%

      

CD Projekt SA

      284,557        19,597,846  

Dino Polska SA1**

     35,671        1,387,570  
     

 

 

  
        20,985,416  
     

 

 

  

Netherlands — 1.4%

      

ASML Holding NV

      79,123        20,858,012  

Greece — 0.9%

      

Hellenic Telecommunications Organization SA

      783,087        9,466,367  

OPAP SA

      437,710        3,297,830  
     

 

 

  
        12,764,197  
     

 

 

  

Hungary — 0.9%

      

OTP Bank PLC

      434,311        12,457,918  

Switzerland — 0.6%

      

Roche Holding AG

      28,231        9,083,099  
     

 

 

  

Total EUROPE

         139,755,578  
     

 

 

  

SOUTH AMERICA — 6.5%

      

Brazil — 5.1%

      

Afya, Ltd. — A**

     218,105        4,157,081  

Arco Platform, Ltd. — A**

     55,150        2,330,639  

B3 SA - Brasil Bolsa Balcao

      2,164,851        14,844,526  

Itau Unibanco Holding SA — SP PREF ADR

      1,926,889        8,651,732  

Lojas Renner SA

      1,332,228        8,617,267  

Raia Drogasil SA

      736,770        14,363,619  

StoneCo., Ltd. — A**

     252,546        5,497,926  

Sul America SA

      754,828        4,943,476  

Vale SA — SP ADR

      1,279,590        10,607,801  
     

 

 

  
        74,014,067  
     

 

 

  

Argentina — 1.4%

      

Globant SA**

     66,086        5,807,638  

MercadoLibre, Inc.**

     28,562        13,954,822  
     

 

 

  
        19,762,460  
     

 

 

  

Total SOUTH AMERICA

         93,776,527  
     

 

 

  

NORTH AMERICA — 5.3%

      

United States — 2.5%

      

NVIDIA Corp.

      55,229        14,558,364  

The Estee Lauder Cos., Inc. — A

      71,795        11,439,815  

The Procter & Gamble Co.

      91,087        10,019,570  
     

 

 

  
        36,017,749  
     

 

 

  

Canada — 1.5%

      

Barrick Gold Corp.

      383,340        7,022,789  

Wheaton Precious Metals Corp.

      544,999        15,003,822  
     

 

 

  
        22,026,611  
     

 

 

  

Mexico — 1.3%

      

Fibra Uno Administracion SA de CV — REIT

      10,082,604        7,913,925  
      Number
of
Shares		      Value
(Note A)		  

Wal-Mart de Mexico SAB de CV

      4,606,615      $      10,853,144  
     

 

 

  
        18,767,069  
     

 

 

  

Total NORTH AMERICA

         76,811,429  
     

 

 

  

AFRICA — 1.6%

      

South Africa — 0.8%

      

Capitec Bank Holdings, Ltd.

      70,326        3,459,341  

Clicks Group, Ltd.

      592,618        8,541,703  
     

 

 

  
        12,001,044  
     

 

 

  

Egypt — 0.8%

      

Commercial International Bank Egypt SAE

      3,032,821        11,247,530  
     

 

 

  

Total AFRICA

         23,248,574  
     

 

 

  

MIDDLE EAST — 0.4%

      

United Arab Emirates — 0.4%

      

Network International Holdings PLC1**

     1,283,069        6,238,799  
     

 

 

  

Total MIDDLE EAST

         6,238,799  
     

 

 

  

Total EQUITY SECURITIES
(Cost $1,219,106,458)

         1,344,855,347  
     

 

 

  
                   

TOTAL INVESTMENTS
(COST $1,219,106,458)

      92.5%      $ 1,344,855,347  

Other Assets In Excess Of Liabilities

      7.5%        109,314,099  
  

 

 

     

 

 

  

Net Assets

      100.0%      $ 1,454,169,446  
                   
                   

 

1

144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At March 31, 2020, these securities amounted to $45,908,086 or 3.2% of net assets. These 144A securities have not been deemed illiquid.

**

Non-income producing security    

ADR — American Depository Receipt    

NVDR — Non-Voting Depository Receipt    

REIT — Real Estate Investment Trust    

SP ADR — Sponsored American Depository Receipt

SP GDR — Sponsored Global Depository Receipt    

SP PREF ADR — Sponsored Preferred American Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

EQUITY SECURITIES — 91.7%

                  

FAR EAST — 70.6%

      

China — 35.9%

      

A-Living Services Co., Ltd. — H1

     149,500      $           716,974  

C&S Paper Co., Ltd. — A

      443,075        1,052,622  

Changzhou Xingyu Automotive Lighting Systems Co., Ltd. — A

      24,900        292,077  

China Meidong Auto Holdings, Ltd.

      338,000        523,961  

China Resources Cement Holdings, Ltd.

      738,794        867,954  

Chinasoft International, Ltd.

      452,000        233,204  

GDS Holdings, Ltd. — ADR**

     17,549        1,017,316  

GSX Techedu, Inc. — ADR**

     21,833        924,846  

Hangzhou Tigermed Consulting Co., Ltd. — A

      56,132        502,620  

Innovent Biologics, Inc.1**

     74,000        308,777  

Jiajiayue Group Co., Ltd. — A

      134,870        613,210  

Jiangsu Hengli Hydraulic Co., Ltd. — A

      67,920        580,587  

Kingdee International Software Group Co., Ltd.

      539,000        708,970  

Li Ning Co., Ltd.

      203,592        585,710  

Maanshan Iron & Steel Co., Ltd. — H

      890,000        276,961  

Pharmaron Beijing Co., Ltd. — H1**

     45,800        293,571  

Ping An Healthcare and Technology Co., Ltd.1**

     194,100        1,787,246  

Proya Cosmetics Co., Ltd. — A

      44,800        722,879  

Shenzhen SC New Energy Technology Corp. — A

      74,900        485,207  

Silergy Corp.

      21,000        681,151  

SITC International Holdings Co., Ltd.

      248,000        230,841  

Times China Holdings, Ltd.

      160,000        263,656  

Wuxi Lead Intelligent Equipment Co., Ltd. — A

      138,400        723,057  

Xinyi Glass Holdings, Ltd.

      380,000        433,909  

Xinyi Solar Holdings, Ltd.

      782,000        433,851  

Yihai International Holding, Ltd.

      90,157        679,107  

Zhejiang Dingli Machinery Co., Ltd. — A

      53,898        431,084  

Zoomlion Heavy Industry Science and Technology Co., Ltd. — H

      615,800        442,971  
     

 

 

  
        16,814,319  
     

 

 

  

Taiwan — 11.4%

      

Accton Technology Corp.

      147,000        786,537  

Airtac International Group

      40,000        589,812  

ASPEED Technology, Inc.

      19,000        647,230  

Parade Technologies, Ltd.

      49,584        1,047,994  

Realtek Semiconductor Corp.

      35,000        251,261  

Sinbon Electronics Co., Ltd.

      181,000        745,099  
      Number
of
Shares		      Value
(Note A)		  

Vanguard International Semiconductor Corp.

      167,000      $           323,712  

Voltronic Power Technology Corp.

      13,000        270,164  

Wiwynn Corp.

      29,509        678,509  
     

 

 

  
        5,340,318  
     

 

 

  

India — 10.0%

      

Aarti Industries, Ltd.

      44,435        450,105  

Aarti Surfactants, Ltd.2,3**

     2,704        0  

Aavas Financiers, Ltd.**

     26,052        412,345  

Cholamandalam Investment and Finance Co., Ltd.

      179,462        362,221  

Colgate-Palmolive India, Ltd.

      16,339        269,576  

Embassy Office Parks REIT

      70,000        323,497  

Gujarat Gas, Ltd.

      83,395        254,192  

IndiaMart InterMesh, Ltd.1

     18,415        467,623  

Indraprastha Gas, Ltd.

      120,167        618,427  

Info Edge India, Ltd.

      16,105        433,890  

PI Industries, Ltd.

      15,452        239,721  

Pidilite Industries, Ltd.

      20,068        359,574  

Trent, Ltd.

      76,369        489,014  
     

 

 

  
        4,680,185  
     

 

 

  

Malaysia — 3.4%

      

Carlsberg Brewery Malaysia BHD

      35,900        206,270  

Dialog Group BHD

      772,906        543,033  

Hartalega Holdings BHD

      314,700        499,982  

Heineken Malaysia BHD

      66,200        333,121  
     

 

 

  
        1,582,406  
     

 

 

  

South Korea — 3.2%

      

Douzone Bizon Co., Ltd.

      10,248        676,284  

LEENO Industrial, Inc.

      7,695        469,463  

NICE Information Service Co., Ltd.

      33,331        359,142  
     

 

 

  
        1,504,889  
     

 

 

  

Vietnam — 2.7%

      

FPT Corp.

      416,308        766,427  

Military Commercial Joint Stock Bank

      805,374        488,081  
     

 

 

  
        1,254,508  
     

 

 

  

Singapore — 2.1%

      

Sea, Ltd. — ADR**

     22,536        998,570  

Cambodia — 1.1%

      

NagaCorp, Ltd.

      516,403        522,752  

Indonesia — 0.8%

      

PT Bank Tabungan Pensiunan Nasional Syariah Tbk**

     2,967,600        386,341  
     

 

 

  

Total FAR EAST

         33,084,288  
     

 

 

  

SOUTH AMERICA — 8.6%

      

Brazil — 7.3%

      

Arco Platform, Ltd. — A**

     12,590        532,053  

Bradespar SA — Pref.

      62,200        347,744  

Grupo SBF SA**

     91,100        423,758  

Lojas Renner SA

      75,308        487,116  

Magazine Luiza SA

      67,100        508,535  

Notre Dame Intermedica Participacoes SA

      44,215        380,024  
 

 

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

Raia Drogasil SA

      38,400      $           748,623  
     

 

 

  
        3,427,853  
     

 

 

  

Argentina — 0.7%

      

Globant SA**

     3,795        333,505  

Chile — 0.6%

      

Sociedad Quimica y Minera de Chile SA — SP ADR

      12,126        273,441  
     

 

 

  

Total SOUTH AMERICA

         4,034,799  
     

 

 

  

EUROPE — 7.5%

      

Russia — 3.2%

      

Detsky Mir PJSC1

     433,024        497,169  

Evraz PLC

      122,976        351,849  

Globaltrans Investment PLC — SP GDR

      66,509        349,087  

TCS Group Holding PLC — GDR

      25,905        299,462  
     

 

 

  
        1,497,567  
     

 

 

  

Poland — 3.0%

      

CD Projekt SA

      9,683        666,882  

Dino Polska SA1**

     18,687        726,907  
     

 

 

  
        1,393,789  
     

 

 

  

United Kingdom — 0.8%

      

KAZ Minerals PLC

      84,815        367,813  

Czech Republic — 0.5%

      

Moneta Money Bank AS1

     120,203        247,566  
     

 

 

  

Total EUROPE

         3,506,735  
     

 

 

  

AFRICA — 2.0%

      

South Africa — 1.1%

      

Clicks Group, Ltd.

      16,259        234,349  

Sibanye Stillwater, Ltd.**

     205,912        259,844  
     

 

 

  
        494,193  
     

 

 

  

Egypt — 0.9%

      

Commercial International Bank Egypt SAE — GDR

      122,003        441,538  
     

 

 

  

Total AFRICA

         935,731  
     

 

 

  

NORTH AMERICA — 1.9%

      

Canada — 1.2%

      

B2Gold Corp.

      183,626        555,849  

Mexico — 0.7%

      

Qualitas Controladora SAB de CV

      130,700        334,098  
     

 

 

  

Total NORTH AMERICA

         889,947  
     

 

 

  

MIDDLE EAST — 1.1%

      

United Arab Emirates — 1.1%

      

Network International Holdings PLC1**

     102,805        499,879  
     

 

 

  

Total MIDDLE EAST

         499,879  
     

 

 

  

Total EQUITY SECURITIES
(Cost $43,941,281)

         42,951,379  
     

 

 

  
                   

TOTAL INVESTMENTS
(COST $43,941,281)

      91.7%      $ 42,951,379  

Other Assets In Excess Of Liabilities

      8.3%        3,878,536  
  

 

 

     

 

 

  

Net Assets

      100.0%      $ 46,829,915  
                   
                   
1 

144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At March 31, 2020, these securities amounted to $5,545,712 or 11.8% of net assets. These 144A securities have not been deemed illiquid, unless otherwise noted.

2 

Pursuant to procedures adopted by Driehaus Mutual Funds’ (the “Trust”) Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC, the Fund’s investment adviser.

3 

Investments categorized as Level 3 pricing (See Note A in the Notes to Schedules of Investments).

** 

Non-income producing security

ADR — American Depository Receipt

GDR — Global Depository Receipt

REIT — Real Estate Investment Trust

SP ADR — Sponsored American Depository Receipt

SP GDR — Sponsored Global Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus International Small Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

EQUITY SECURITIES — 92.4%

                  

EUROPE — 56.3%

      

United Kingdom — 14.7%

      

Ashmore Group PLC

      213,509      $           940,134  

Balfour Beatty PLC

      725,946        1,926,384  

Bellway PLC

      24,146        639,674  

ConvaTec Group PLC1

     1,266,502        2,911,995  

Cranswick PLC

      56,691        2,595,220  

Electrocomponents PLC

      373,945        2,380,780  

Endava PLC — SP ADR**

     44,528        1,565,604  

Greggs PLC

      135,224        2,690,974  

Intermediate Capital Group PLC

      50,773        560,388  

JD Sports Fashion PLC

      168,190        941,986  

QinetiQ Group PLC

      572,574        2,273,647  

Serco Group PLC**

     2,004,778        3,027,701  

Spirax-Sarco Engineering PLC

      22,790        2,287,950  

Stock Spirits Group PLC

      439,251        874,396  

The Weir Group PLC

      136,612        1,215,042  

Vesuvius PLC

      377,140        1,510,265  
     

 

 

  
        28,342,140  
     

 

 

  

Germany — 9.8%

      

Duerr AG

      98,563        2,000,140  

DWS Group GmbH & Co. KGaA1

     66,501        1,614,551  

HelloFresh SE**

     80,423        2,626,240  

Hornbach Holding AG & Co. KGaA

      17,816        745,276  

Puma SE

      38,271        2,248,618  

Rheinmetall AG

      10,742        746,535  

Scout24 AG1

     38,564        2,305,316  

TAG Immobilien AG

      102,047        2,006,909  

TeamViewer AG**

     114,202        4,643,568  
     

 

 

  
        18,937,153  
     

 

 

  

Switzerland — 6.9%

      

Belimo Holding AG

      305        1,943,786  

Comet Holding AG

      9,887        1,017,800  

Galenica AG1

     52,310        3,569,251  

Softwareone Holding AG**

     111,814        2,152,689  

Tecan Group AG

      15,605        4,673,771  
     

 

 

  
        13,357,297  
     

 

 

  

France — 4.3%

      

Coface SA**

     270,419        1,717,171  

Edenred

      24,400        1,012,588  

Teleperformance

      9,341        1,934,680  

Ubisoft Entertainment SA**

     22,873        1,671,812  

Virbac SA**

     10,723        1,883,823  
     

 

 

  
        8,220,074  
     

 

 

  

Denmark — 3.5%

      

Ascendis Pharma AS — ADR**

     9,628        1,084,209  

GN Store Nord AS

      27,570        1,222,402  

Netcompany Group AS1**

     28,051        1,288,346  

Royal Unibrew AS

      42,774        3,074,692  
     

 

 

  
        6,669,649  
     

 

 

  

Sweden — 3.4%

      

Bygghemma Group First AB**

     93,297        571,723  

Getinge AB — B

      148,424        2,806,567  
      Number
of
Shares		      Value
(Note A)		  

Tele2 AB — B

      230,951      $        3,076,969  
     

 

 

  
        6,455,259  
     

 

 

  

Netherlands — 2.9%

      

Alfen Beheer BV1**

     68,522        1,585,990  

Argenx SE**

     11,565        1,522,323  

BE Semiconductor Industries NV

      44,095        1,350,492  

OCI NV**

     99,469        1,188,663  
     

 

 

  
        5,647,468  
     

 

 

  

Italy — 2.8%

      

DiaSorin SpA

      17,839        2,351,435  

Leonardo SpA

      460,412        3,043,863  
     

 

 

  
        5,395,298  
     

 

 

  

Belgium — 2.1%

      

Barco NV

      6,992        1,068,323  

Euronav NV

      266,274        3,030,680  
     

 

 

  
        4,099,003  
     

 

 

  

Luxembourg — 1.9%

      

B&M European Value Retail SA

      606,756        2,060,670  

Befesa SA1

     51,686        1,501,603  
     

 

 

  
        3,562,273  
     

 

 

  

Finland — 1.4%

      

Huhtamaki OYJ

      47,394        1,517,439  

Tokmanni Group Corp.

      128,141        1,270,574  
     

 

 

  
        2,788,013  
     

 

 

  

Spain — 1.0%

      

Masmovil Ibercom SA**

     118,563        1,870,736  

Turkey — 0.9%

      

Migros Ticaret AS**

     510,022        1,741,910  

Russia — 0.7%

      

Globaltrans Investment PLC — SP GDR

      120,195        630,869  

X5 Retail Group NV — GDR

      27,139        725,154  
     

 

 

  
        1,356,023  
     

 

 

  

Total EUROPE

         108,442,296  
     

 

 

  

FAR EAST — 27.0%

      

Japan — 19.3%

      

ASKUL Corp.

      64,025        1,886,527  

CKD Corp.

      171,849        2,316,351  

Fujitec Co., Ltd.

      122,450        1,565,741  

Harmonic Drive Systems, Inc.

      51,377        2,219,900  

Hitachi High-Technologies Corp.

      29,033        2,144,727  

Kobe Bussan Co., Ltd.

      57,386        2,255,305  

Lasertec Corp.

      40,906        1,896,798  

Minebea Mitsumi, Inc.

      109,454        1,616,685  

MonotaRO Co., Ltd.

      83,020        2,193,507  

Nabtesco Corp.

      43,670        998,941  

Nichias Corp.

      62,330        1,156,591  

Nihon Unisys, Ltd.

      61,118        1,630,217  

SCSK Corp.

      56,705        2,508,739  

Shimadzu Corp.

      83,680        2,183,900  

Square Enix Holdings Co., Ltd.

      53,577        2,393,588  

Sugi Holdings Co., Ltd.

      56,978        3,051,140  

TechnoPro Holdings, Inc.

      31,250        1,458,459  
 

 

Driehaus International Small Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

THK Co., Ltd.

      42,223      $           850,737  

Tokyo Tatemono Co., Ltd.

      197,955        2,096,674  

Yokogawa Electric Corp.

      62,156        743,558  
     

 

 

  
        37,168,085  
     

 

 

  

Australia — 3.0%

      

Megaport, Ltd.**

     379,153        2,299,452  

NEXTDC, Ltd.**

     619,425        3,366,968  
     

 

 

  
        5,666,420  
     

 

 

  

China — 2.1%

      

CIMC Enric Holdings, Ltd.

      480,319        195,240  

Li Ning Co., Ltd.

      845,898        2,433,550  

Ping An Healthcare and Technology Co., Ltd.1**

     160,325        1,476,250  
     

 

 

  
        4,105,040  
     

 

 

  

Taiwan — 1.6%

      

Eclat Textile Co., Ltd.

      114,028        902,688  

Giant Manufacturing Co., Ltd.

      326,589        1,442,854  

Hiwin Technologies Corp.

      121,838        801,365  
     

 

 

  
        3,146,907  
     

 

 

  

South Korea — 1.0%

      

Douzone Bizon Co., Ltd.

      28,168        1,858,857  
     

 

 

  

Total FAR EAST

         51,945,309  
     

 

 

  

NORTH AMERICA — 5.0%

      

Canada — 4.7%

      

Boardwalk REIT

      49,224        801,337  

CAE, Inc.

      30,655        387,517  

Empire Co., Ltd. — A

      47,493        929,072  

Kinaxis, Inc.**

     36,996        2,862,570  

Morneau Shepell, Inc.

      100,427        2,025,952  

Parkland Fuel Corp.

      114,463        2,017,926  
     

 

 

  
        9,024,374  
     

 

 

  

Mexico — 0.3%

      

Grupo Cementos de Chihuahua SAB de CV

      196,386        579,494  
     

 

 

  

Total NORTH AMERICA

         9,603,868  
     

 

 

  

MIDDLE EAST — 2.1%

      

Israel — 1.2%

      

Nice, Ltd. — SP ADR**

     15,352        2,203,933  

United Arab Emirates — 0.9%

      

Network International Holdings PLC1**

     373,422        1,815,728  
     

 

 

  

Total MIDDLE EAST

         4,019,661  
     

 

 

  

SOUTH AMERICA — 1.1%

      

Brazil — 1.1%

      

Rumo SA**

     337,872        1,279,675  

Sul America SA

      125,306        820,647  
     

 

 

  

Total SOUTH AMERICA

         2,100,322  
     

 

 

  

AFRICA — 0.9%

      

South Africa — 0.9%

      

Clicks Group, Ltd.

      125,500        1,808,895  
                         
Value
(Note A)		  
     

 

 

  

Total AFRICA

                              $        1,808,895  
     

 

 

  

Total EQUITY SECURITIES
(Cost $188,750,295)

         177,920,351  
     

 

 

  
                   

TOTAL INVESTMENTS
(COST $188,750,295)

      92.4%      $ 177,920,351  

Other Assets In Excess Of Liabilities

      7.6%        14,715,798  
  

 

 

     

 

 

  

Net Assets

      100.0%      $ 192,636,149  
                   
                   

 

1

144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At March 31, 2020, these securities amounted to $18,069,030 or 9.4% of net assets. These 144A securities have not been deemed illiquid.

**

Non-income producing security

ADR — American Depository Receipt

GDR — Global Depository Receipt

REIT — Real Estate Investment Trust

SP ADR — Sponsored American Depository Receipt

SP GDR — Sponsored Global Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Micro Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares 		     Value
(Note A)		  

EQUITY SECURITIES — 97.0%

 

HEALTH CARE — 45.0%

 

Biotechnology — 25.5%

 

Apellis Pharmaceuticals, Inc.**

     53,031      $       1,420,700  

Applied Therapeutics, Inc.**

     53,775        1,757,905  

Argenx SE — ADR**

     26,707        3,518,113  

Avrobio, Inc.**

     44,118        686,476  

BELLUS Health, Inc.**

     57,438        573,231  

Bioxcel Therapeutics, Inc.**

     29,430        657,761  

Black Diamond Therapeutics, Inc.**

     51,795        1,292,285  

Castle Biosciences, Inc.**

     58,073        1,731,156  

Cytokinetics, Inc.**

     268,939        3,170,791  

Dicerna Pharmaceuticals, Inc.**

     142,382        2,615,557  

Eidos Therapeutics, Inc.**

     25,646        1,256,398  

Forty Seven, Inc.**

     22,662        2,162,408  

Global Blood Therapeutics, Inc.**

     45,255        2,312,078  

Immunovant, Inc.**

     86,431        1,345,299  

Kodiak Sciences, Inc.**

     42,280        2,016,756  

Merus NV**

     104,883        1,269,084  

Mirati Therapeutics, Inc.**

     12,861        988,625  

Momenta Pharmaceuticals, Inc.**

     62,425        1,697,960  

Natera, Inc.**

     94,305        2,815,947  

Orchard Therapeutics PLC — ADR**

     119,306        898,374  

Principia Biopharma, Inc.**

     43,680        2,593,718  

SpringWorks Therapeutics, Inc.**

     77,922        2,103,894  

Sutro Biopharma, Inc.**

     32,842        334,988  

Turning Point Therapeutics, Inc.**

     35,051        1,565,378  

Twist Bioscience Corp.**

     79,924        2,444,076  

Xenon Pharmaceuticals, Inc.**

     62,874        712,991  

Y-mAbs Therapeutics, Inc.**

     71,710        1,871,631  
     

 

 

  
        45,813,580  
     

 

 

  

Pharmaceuticals — 7.0%

 

Avadel Pharmaceuticals PLC — ADR**

     73,504        583,622  

Axsome Therapeutics, Inc.**

     41,635        2,449,387  

Collegium Pharmaceutical, Inc.**

     56,367        920,473  

IMARA, Inc.**

     25,077        401,984  

Kala Pharmaceuticals, Inc.**

     90,073        791,742  

MyoKardia, Inc.**

     66,450        3,115,176  

Odonate Therapeutics, Inc.**

     72,410        1,999,240  

Revance Therapeutics, Inc.**

     101,239        1,498,337  

Tricida, Inc.**

     36,353        799,766  
     

 

 

  
        12,559,727  
     

 

 

  

Health Care Equipment & Supplies — 6.5%

 

Alphatec Holdings, Inc.**

     275,052        948,929  

OrthoPediatrics Corp.**

     88,465        3,506,753  

SeaSpine Holdings Corp.**

     133,064        1,087,133  

SI-BONE, Inc.**

     103,175        1,232,941  

Tactile Systems Technology, Inc.**

     25,362        1,018,538  

Tandem Diabetes Care, Inc.**

     41,110        2,645,429  
      Number
of
Shares 		     Value
(Note A)		  

Vapotherm, Inc.**

     62,852      $       1,183,503  
     

 

 

  
        11,623,226  
     

 

 

  

Health Care Technology — 3.5%

 

Inspire Medical Systems, Inc.**

     58,280        3,513,118  

Phreesia, Inc.**

     56,913        1,196,880  

Schrodinger, Inc.**

     38,474        1,658,999  
     

 

 

  
        6,368,997  
     

 

 

  

Life Sciences Tools & Services — 1.3%

 

NeoGenomics, Inc.**

     83,544        2,306,650  

Health Care Providers & Services — 1.2%

 

Fulgent Genetics, Inc.**

     111,213        1,196,652  

PetIQ, Inc.**

     45,933        1,067,024  
     

 

 

  
        2,263,676  
     

 

 

  

Total HEALTH CARE

         80,935,856  
     

 

 

  

INFORMATION TECHNOLOGY — 19.0%

 

Information Technology Services — 9.4%

 

Endava PLC — SP ADR**

     100,954        3,549,543  

Fastly, Inc. — A**

     38,026        721,733  

Grid Dynamics Holdings, Inc.**

     301,770        2,414,160  

I3 Verticals, Inc. — A**

     124,676        2,380,065  

Limelight Networks, Inc.**

     572,775        3,264,818  

Perficient, Inc.**

     87,962        2,382,891  

Repay Holdings Corp.**

     151,984        2,180,970  
     

 

 

  
        16,894,180  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.2%

 

FormFactor, Inc.**

     52,987        1,064,509  

Ichor Holdings, Ltd.**

     60,140        1,152,282  

Inphi Corp.**

     44,435        3,517,919  

Silicon Motion Technology Corp. — ADR

      27,997        1,026,370  

SiTime Corp.**

     86,223        1,877,075  

Ultra Clean Holdings, Inc.**

     50,570        697,866  
     

 

 

  
        9,336,021  
     

 

 

  

Software — 3.7%

 

Everbridge, Inc.**

     21,774        2,315,883  

Five9, Inc.**

     21,282        1,627,222  

ShotSpotter, Inc.**

     24,935        685,214  

SVMK, Inc.**

     62,983        850,900  

Telaria, Inc.**

     203,964        1,223,784  
     

 

 

  
        6,703,003  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.7%

 

nLight, Inc.**

     116,528        1,222,379  
     

 

 

  

Total INFORMATION TECHNOLOGY

         34,155,583  
     

 

 

  

INDUSTRIALS — 10.2%

 

Electrical Equipment — 2.5%

 

Plug Power, Inc.**

     543,028        1,922,319  

TPI Composites, Inc.**

     63,410        937,200  

Vicor Corp.**

     36,233        1,613,818  
     

 

 

  
        4,473,337  
     

 

 

  

Machinery — 1.9%

 

Chart Industries, Inc.**

     32,733        948,602  

Federal Signal Corp.

      31,683        864,312  

Kornit Digital, Ltd.**

     32,908        819,080  
 

 

Driehaus Micro Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares 		     Value
(Note A)		  

Spartan Motors, Inc.

      67,281      $          868,598  
     

 

 

  
        3,500,592  
     

 

 

  

Building Products — 1.5%

 

Gibraltar Industries, Inc.**

     49,608        2,129,175  

Masonite International Corp.**

     5,720        271,414  

Patrick Industries, Inc.

      8,716        245,443  
     

 

 

  
        2,646,032  
     

 

 

  

Construction & Engineering — 1.4%

 

Arcosa, Inc.

      32,908        1,307,764  

WillScot Corp.**

     111,038        1,124,815  
     

 

 

  
        2,432,579  
     

 

 

  

Commercial Services & Supplies — 1.1%

 

Casella Waste Systems, Inc. — A**

     35,172        1,373,818  

Mobile Mini, Inc.

      23,634        619,920  
     

 

 

  
        1,993,738  
     

 

 

  

Professional Services — 0.8%

 

ICF International, Inc.

      22,092        1,517,720  

Aerospace & Defense — 0.5%

 

Vectrus, Inc.**

     22,638        937,440  

Trading Companies & Distributors — 0.5%

 

Rush Enterprises, Inc. — A

      28,325        904,134  
     

 

 

  

Total INDUSTRIALS

         18,405,572  
     

 

 

  

FINANCIALS — 9.6%

 

Insurance — 7.5%

 

BRP Group, Inc. — A**

     103,754        1,094,605  

eHealth, Inc.**

     27,604        3,887,195  

Goosehead Insurance, Inc. — A**

     35,445        1,581,910  

James River Group Holdings, Ltd.

      21,840        791,482  

Kinsale Capital Group, Inc.

      20,856        2,180,078  

Palomar Holdings, Inc.**

     68,331        3,974,131  
     

 

 

  
        13,509,401  
     

 

 

  

Commercial Banks — 1.0%

 

TriState Capital Holdings, Inc.**

     62,568        605,033  

Triumph Bancorp, Inc.**

     49,455        1,285,830  
     

 

 

  
        1,890,863  
     

 

 

  

Thrifts & Mortgage Finance — 0.8%

 

Meta Financial Group, Inc.

      64,799        1,407,434  

Capital Markets — 0.3%

 

Cohen & Steers, Inc.

      10,649        483,997  
     

 

 

  

Total FINANCIALS

         17,291,695  
     

 

 

  

CONSUMER DISCRETIONARY — 7.7%

 

Household Durables — 2.0%

 

Installed Building Products, Inc.**

     34,198        1,363,474  

LGI Homes, Inc.**

     17,520        791,028  

Skyline Champion Corp.**

     94,371        1,479,737  
     

 

 

  
        3,634,239  
     

 

 

  

Hotels, Restaurants & Leisure — 1.5%

 

Papa John’s International, Inc.

      37,556        2,004,364  
      Number
of
Shares 		     Value
(Note A)		  

Wingstop, Inc.

      8,793      $          700,802  
     

 

 

  
        2,705,166  
     

 

 

  

Specialty Retail — 1.4%

 

OneWater Marine, Inc.**

     69,261        529,847  

Sonic Automotive, Inc. — A

      62,622        831,620  

Sportsman’s Warehouse Holdings, Inc.**

     178,078        1,096,960  
     

 

 

  
        2,458,427  
     

 

 

  

Internet & Catalog Retail — 1.2%

 

Fiverr International, Ltd.**

     40,957        1,030,888  

The Rubicon Project, Inc.**

     198,377        1,100,992  
     

 

 

  
        2,131,880  
     

 

 

  

Diversified Consumer Services — 0.6%

 

Aspen Group, Inc.**

     58,838        470,116  

Universal Technical Institute, Inc.**

     122,302        727,697  
     

 

 

  
        1,197,813  
     

 

 

  

Automobiles — 0.4%

 

Winnebago Industries, Inc.

      24,432        679,454  

Textiles, Apparel & Luxury Goods — 0.3%

 

Crocs, Inc.**

     34,176        580,650  

Leisure Equipment & Products — 0.3%

 

Malibu Boats, Inc. — A**

     17,137        493,374  
     

 

 

  

Total CONSUMER DISCRETIONARY

         13,881,003  
     

 

 

  

CONSUMER STAPLES — 3.2%

 

Personal Products — 1.8%

 

BellRing Brands, Inc. — A**

     106,838        1,821,588  

elf Beauty, Inc.**

     145,444        1,431,169  
     

 

 

  
        3,252,757  
     

 

 

  

Food Products — 1.4%

 

Freshpet, Inc.**

     38,474        2,457,334  
     

 

 

  

Total CONSUMER STAPLES

         5,710,091  
     

 

 

  

COMMUNICATION SERVICES — 1.8%

 

Interactive Media & Services — 1.0%

 

EverQuote, Inc. — A**

     64,667        1,697,509  

Media — 0.5%

 

Cardlytics, Inc.**

     27,101        947,451  

Diversified Telecommunication Services — 0.3%

 

Bandwidth, Inc. — A**

     8,454        568,870  
     

 

 

  

Total COMMUNICATION SERVICES

         3,213,830  
     

 

 

  

ENERGY — 0.3%

 

Energy Equipment & Services — 0.3%

 

Aspen Aerogels, Inc.**

     76,030        466,824  
     

 

 

  

Total ENERGY

         466,824  
     

 

 

  

UTILITIES — 0.2%

 

Independent Power Producers & Energy Traders — 0.2%

 

Sunnova Energy International, Inc.**

     36,801        370,586  
     

 

 

  

Total UTILITIES

         370,586  
     

 

 

  

Total EQUITY SECURITIES (Cost $152,006,733)

         174,431,040  
     

 

 

  
 

 

Driehaus Micro Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

              Value
(Note A)		  

TOTAL INVESTMENTS
(COST $152,006,733)

      97.0%      $    174,431,040  

Other Assets In Excess Of Liabilities

      3.0%        5,420,268  
  

 

 

     

 

 

  

Net Assets

      100.0%      $    179,851,308  
                   
                   

 

**

Non-income producing security    

ADR — American Depository Receipt    

SP ADR — Sponsored American Depository Receipt    

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Small Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

EQUITY SECURITIES — 96.3%

                  

HEALTH CARE — 30.7%

      

Biotechnology — 16.3%

      

Apellis Pharmaceuticals, Inc.**

     45,252      $ 1,212,301  

Applied Therapeutics, Inc.**

     50,591        1,653,820  

Argenx SE — ADR**

     23,068        3,038,748  

Ascendis Pharma AS — ADR**

     19,567        2,203,440  

Black Diamond Therapeutics, Inc.**

     42,111        1,050,669  

Blueprint Medicines Corp.**

     14,663        857,492  

Cytokinetics, Inc.**

     140,437        1,655,752  

Dicerna Pharmaceuticals, Inc.**

     43,175        793,125  

Eidos Therapeutics, Inc.**

     19,108        936,101  

Global Blood Therapeutics, Inc.**

     39,454        2,015,705  

Halozyme Therapeutics, Inc.**

     82,559        1,485,236  

Kodiak Sciences, Inc.**

     20,251        965,973  

Mirati Therapeutics, Inc.**

     10,713        823,508  

Natera, Inc.**

     54,876        1,638,597  

Orchard Therapeutics PLC — ADR**

     84,337        635,058  

SpringWorks Therapeutics, Inc.**

     64,560        1,743,120  

Turning Point Therapeutics, Inc.**

     28,807        1,286,521  
     

 

 

  
        23,995,166  
     

 

 

  

Health Care Technology — 3.9%

 

Inspire Medical Systems, Inc.**

     42,880        2,584,806  

Teladoc Health, Inc.**

     20,341        3,153,058  
     

 

 

  
        5,737,864  
     

 

 

  

Pharmaceuticals — 3.2%

 

Axsome Therapeutics, Inc.**

     9,903        582,594  

MyoKardia, Inc.**

     54,317        2,546,381  

Reata Pharmaceuticals, Inc. — A**

     4,395        634,374  

Revance Therapeutics, Inc.**

     62,622        926,806  
     

 

 

  
        4,690,155  
     

 

 

  

Life Sciences Tools & Services — 3.0%

 

10X Genomics, Inc. — A**

     12,985        809,225  

NeoGenomics, Inc.**

     69,839        1,928,255  

Repligen Corp.**

     17,854        1,723,625  
     

 

 

  
        4,461,105  
     

 

 

  

Health Care Equipment & Supplies — 2.8%

 

SI-BONE, Inc.**

     90,525        1,081,774  

Tactile Systems Technology, Inc.**

     15,792        634,207  

Tandem Diabetes Care, Inc.**

     36,398        2,342,211  
     

 

 

  
        4,058,192  
     

 

 

  
      Number
of
Shares		      Value
(Note A)		  

Health Care Providers & Services — 1.5%

 

AMN Healthcare Services, Inc.**

     24,117      $ 1,394,204  

Guardant Health, Inc.**

     11,811        822,046  
     

 

 

  
        2,216,250  
     

 

 

  

Total HEALTH CARE

         45,158,732  
     

 

 

  

INFORMATION TECHNOLOGY — 25.4%

 

Information Technology Services — 8.7%

 

CACI International, Inc. — A**

     6,592        1,391,901  

Endava PLC — SP ADR**

     67,911        2,387,751  

EPAM Systems, Inc.**

     5,204        966,175  

Fastly, Inc. — A**

     31,289        593,865  

Grid Dynamics Holdings, Inc.**

     214,561        1,716,488  

I3 Verticals, Inc. — A**

     41,746        796,931  

KBR, Inc.

      90,125        1,863,785  

Limelight Networks, Inc.**

     165,613        943,994  

Perficient, Inc.**

     41,462        1,123,206  

Repay Holdings Corp.**

     66,508        954,390  
     

 

 

  
        12,738,486  
     

 

 

  

Software — 8.6%

 

Alteryx, Inc. — A**

     10,413        991,005  

Coupa Software, Inc.**

     4,984        696,414  

Everbridge, Inc.**

     30,709        3,266,209  

Five9, Inc.**

     26,454        2,022,673  

Globant SA**

     4,150        364,702  

Q2 Holdings, Inc.**

     12,001        708,779  

RingCentral, Inc. — A**

     11,821        2,504,988  

Smartsheet, Inc. — A**

     30,609        1,270,580  

Telaria, Inc.**

     138,399        830,394  
     

 

 

  
        12,655,744  
     

 

 

  

Semiconductors & Semiconductor Equipment — 7.3%

 

Cirrus Logic, Inc.**

     8,670        569,012  

Enphase Energy, Inc.**

     13,574        438,304  

FormFactor, Inc.**

     46,426        932,698  

Ichor Holdings, Ltd.**

     38,121        730,398  

Inphi Corp.**

     44,488        3,522,115  

Lattice Semiconductor Corp.**

     62,547        1,114,588  

Power Integrations, Inc.

      10,703        945,396  

Silicon Motion Technology Corp. — ADR

      17,779        651,778  

Synaptics, Inc.**

     21,210        1,227,423  

Ultra Clean Holdings, Inc.**

     49,248        679,622  
     

 

 

  
        10,811,334  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.8%

 

Itron, Inc.**

     21,745        1,214,023  
     

 

 

  

Total INFORMATION TECHNOLOGY

         37,419,587  
     

 

 

  

INDUSTRIALS — 18.1%

      

Commercial Services & Supplies — 3.8%

 

Casella Waste Systems, Inc. — A**

     16,481        643,748  

Clean Harbors, Inc.**

     28,212        1,448,404  

McGrath RentCorp

      25,450        1,333,071  

MSA Safety, Inc.

      10,992        1,112,390  

Tetra Tech, Inc.

      16,196        1,143,762  
     

 

 

  
        5,681,375  
     

 

 

  
 

 

Driehaus Small Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

Aerospace & Defense — 3.4%

 

Axon Enterprise, Inc.**

     35,704      $       2,526,772  

Mercury Systems, Inc.**

     36,048        2,571,664  
     

 

 

  
        5,098,436  
     

 

 

  

Building Products — 3.3%

 

Advanced Drainage Systems, Inc.

      29,211        859,972  

Armstrong World Industries, Inc.

      9,204        730,982  

Masonite International Corp.**

     14,678        696,471  

Simpson Manufacturing Co., Inc.

      12,351        765,515  

Trex Co., Inc.**

     22,254        1,783,436  
     

 

 

  
        4,836,376  
     

 

 

  

Professional Services — 2.8%

 

Exponent, Inc.

      16,286        1,171,126  

FTI Consulting, Inc.**

     24,402        2,922,628  
     

 

 

  
        4,093,754  
     

 

 

  

Electrical Equipment — 1.5%

 

Generac Holdings, Inc.**

     14,698        1,369,413  

Vicor Corp.**

     19,313        860,201  
     

 

 

  
        2,229,614  
     

 

 

  

Construction & Engineering — 1.5%

 

Arcosa, Inc.

      25,590        1,016,947  

WillScot Corp.**

     114,247        1,157,322  
     

 

 

  
        2,174,269  
     

 

 

  

Trading Companies & Distributors — 1.2%

 

SiteOne Landscape Supply, Inc.**

     24,277        1,787,273  

Machinery — 0.6%

 

SPX Corp.**

     25,575        834,768  
     

 

 

  

Total INDUSTRIALS

         26,735,865  
     

 

 

  

CONSUMER DISCRETIONARY — 9.3%

 

Household Durables — 2.4%

 

LGI Homes, Inc.**

     12,875        581,306  

Skyline Champion Corp.**

     70,448        1,104,625  

Tempur-Sealy International, Inc.**

     23,068        1,008,302  

TopBuild Corp.**

     11,267        807,168  
     

 

 

  
        3,501,401  
     

 

 

  

Specialty Retail — 1.8%

 

Carvana Co.**

     7,067        389,321  

Lithia Motors, Inc. — A

      8,700        711,573  

Murphy USA, Inc.**

     8,021        676,652  

National Vision Holdings, Inc.**

     43,954        853,587  
     

 

 

  
        2,631,133  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.7%

 

Crocs, Inc.**

     62,552        1,062,758  

Deckers Outdoor Corp.**

     10,543        1,412,762  
     

 

 

  
        2,475,520  
     

 

 

  
      Number
of
Shares		      Value
(Note A)		  

Hotels, Restaurants & Leisure — 1.5%

 

Papa John’s International, Inc.

      31,568      $       1,684,784  

Wingstop, Inc.

      7,187        572,804  
     

 

 

  
        2,257,588  
     

 

 

  

Distributors — 0.9%

 

Pool Corp.

      6,637        1,305,962  

Leisure Equipment & Products — 0.6%

 

YETI Holdings, Inc.**

     48,554        947,774  

Automobiles — 0.4%

 

Winnebago Industries, Inc.

      20,162        560,705  
     

 

 

  

Total CONSUMER DISCRETIONARY

         13,680,083  
     

 

 

  

FINANCIALS — 7.2%

      

Insurance — 4.3%

 

eHealth, Inc.**

     20,042        2,822,314  

Kinsale Capital Group, Inc.

      16,536        1,728,508  

Palomar Holdings, Inc.**

     30,365        1,766,028  
     

 

 

  
        6,316,850  
     

 

 

  

Capital Markets — 1.6%

 

Cohen & Steers, Inc.

      13,724        623,756  

Hamilton Lane, Inc. — A

      15,717        869,307  

PJT Partners, Inc. — A

      20,966        909,715  
     

 

 

  
        2,402,778  
     

 

 

  

Commercial Banks — 0.9%

 

Triumph Bancorp, Inc.**

     52,364        1,361,464  

Thrifts & Mortgage Finance — 0.4%

 

Meta Financial Group, Inc.

      22,843        496,150  
     

 

 

  

Total FINANCIALS

         10,577,242  
     

 

 

  

CONSUMER STAPLES — 3.0%

      

Food Products — 1.4%

 

Freshpet, Inc.**

     32,697        2,088,357  

Personal Products — 1.1%

 

BellRing Brands, Inc. — A**

     46,211        787,898  

elf Beauty, Inc.**

     85,441        840,739  
     

 

 

  
        1,628,637  
     

 

 

  

Food & Staples Retailing — 0.5%

 

Grocery Outlet Holding, Corp.**

     18,838        646,897  
     

 

 

  

Total CONSUMER STAPLES

         4,363,891  
     

 

 

  

REAL ESTATE — 1.2%

      

Real Estate Investment Trust — 0.6%

 

Rexford Industrial Realty, Inc.

      21,610        886,226  

Real Estate Management & Development — 0.6%

 

Redfin Corp.**

     57,253        882,841  
     

 

 

  

Total REAL ESTATE

         1,769,067  
     

 

 

  
 

 

Driehaus Small Cap Growth Fund

Schedule of Investments

March 31, 2020 (unaudited)

 

 

      Number
of
Shares		      Value
(Note A)		  

MATERIALS — 0.7%

 

Paper & Forest Products — 0.7%

 

Louisiana-Pacific Corp.

      62,382      $       1,071,723  
     

 

 

  

Total MATERIALS

         1,071,723  
     

 

 

  

COMMUNICATION SERVICES — 0.7%

 

Entertainment — 0.7%

 

Roku, Inc.**

     11,412        998,322  
     

 

 

  

Total COMMUNICATION SERVICES

         998,322  
     

 

 

  

Total EQUITY SECURITIES
(Cost $139,058,958)

         141,774,512  
     

 

 

  
                   

TOTAL INVESTMENTS
(COST $139,058,958)

      96.3%      $ 141,774,512  

Other Assets In Excess Of Liabilities

      3.7%        5,428,729  
  

 

 

     

 

 

  

Net Assets

      100.0%      $   147,203,241  
                   
                   

 

** 

Non-income producing security

ADR — American Depository Receipt

SP ADR — Sponsored American Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Mutual Funds

Notes to Schedules of Investments (unaudited)

 

 

A. Portfolio Valuation:

Equity securities and exchange-traded options are valued at the last sale price as of the close of the primary exchange or other designated time. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, if quotations are not readily available, if the values have been materially affected by events occurring after the closing of a foreign market, or if there has been a movement in the U.S. market that exceeds a certain threshold, assets may be valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees. Events that may materially affect asset values that could cause a fair value determination include, but are not limited to: corporate announcements relating to a specific security; natural and other disasters which may impact an entire market or region; and political and other events which may be global or impact a particular country or region. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. To the extent utilized, securities would be considered level 2 or Level 3 in the hierarchy described below.

Each Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

Level 1 — quoted prices in active markets for identical securities

Level 2 — significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the Funds’ investments that are measured at fair value by level within the fair value hierarchy as of March 31, 2020 is as follows:

 

Fund

    Total
Value at
  March 31, 2020  		      Level 1
Quoted
Price		      Level 2
Significant
Observable
Inputs		      Level 3
Significant
Unobservable
Inputs		  

Driehaus Emerging Markets Growth Fund

            

Equity Securities:

            

Africa

        $ 23,248,574                $ —                $ 23,248,574                $ —    

Europe

      139,755,578          27,345,547          112,410,031          —    

Far East

      1,005,024,440          306,670,017          698,354,423          —    

Middle East

      6,238,799          —          6,238,799          —    

North America

      76,811,429          76,811,429          —          —    

South America

      93,776,527          93,776,527          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

        $ 1,344,855,347                $ 504,603,520                $ 840,251,827                $ —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Driehaus Emerging Markets Small Cap Growth Fund

            

Equity Securities:

            

Africa

        $ 935,731                $ 259,844                $ 675,887                $ —    

Europe

      3,506,735          299,462          3,207,273          —    

Far East

      33,084,288          2,940,732          30,143,556          0    

Middle East

      499,879          —          499,879          —    

North America

      889,947          889,947          —          —    

South America

      4,034,799          4,034,799          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

        $ 42,951,379                $ 8,424,784                $ 34,526,595                $ 0    
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Driehaus Mutual Funds

Notes to Schedules of Investments (unaudited)

 

 

 

Driehaus International Small Cap Growth Fund

            

Equity Securities:

            

Africa

            $ 1,808,895                $ —                $ 1,808,895                $ —    

Europe

      108,442,296          4,160,078         104,282,218          —    

Far East

      51,945,309          —          51,945,309          —    

Middle East

      4,019,661          2,203,933          1,815,728          —    

North America

      9,603,868          9,603,868          —          —    

South America

      2,100,322          2,100,322          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

            $ 177,920,351                $ 18,068,201                $ 159,852,150                $ —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Driehaus Micro Cap Growth Fund

            

Investments in Securities*

            $ 174,431,040                $ 174,431,040                $ —                $ —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Driehaus Small Cap Growth Fund

            

Investments in Securities*

            $ 141,774,512                $ 141,774,512                $ —                $         —    
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  *

See Schedule of Investments for industry breakout.

At March 31, 2020, the Driehaus Emerging Markets Small Cap Growth Fund held a Level 3 investment in Aarti Surfactants, Ltd. The shares were received as part of a spin-off in mid-September, 2019, but were not trading as of March 31, 2020 and were valued at $0.

The Funds used observable inputs in their valuation methodologies whenever they were available and deemed reliable.

When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from closing prices for the same securities, which means that a Fund may value those securities higher or lower than another fund that does not employ fair value. In addition, the fair value price may differ materially from the value a Fund may ultimately realize.

For additional information regarding the Funds’ policy for valuation of investments or other significant accounting policies, please refer to the Funds’ most recent Semi-Annual or Annual Report.

B. Foreign Currency Spot Contracts

The Funds enter into foreign currency spot contracts to facilitate transactions in foreign currency denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction. On March 31, 2020, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates.

C. Equity Certificates

The Funds may invest in equity certificates, which allow the Funds to participate in the appreciation (depreciation) of the underlying security without actually owning the underlying security. These derivative instruments are purchased pursuant to an agreement with a financial institution and are valued at a calculated market price based on the value of the underlying security in accordance with the agreement. These equity certificates are subject to the credit risk of the issuing financial institution. There is no off-balance sheet risk associated with equity certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds’ management on a periodic basis. A Fund’s equity certificates are not subject to any master netting agreement. As of March 31, 2020, the Funds had no outstanding equity certificates.